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Immediate EUR/USD pressure is on the downside - UOB Group

FXStreet (Łódź) - The Market Strategy Team at UOB Group suggest that EUR/USD weakness should continue in the nearest future.

Key Quotes

"The bullish scenario highlighted in the Chart of the Day update yesterday was proven wrong quickly with the break back below 1.2640."

"While the immediate pressure is on the downside, patchy downward momentum suggests that any weakness is likely limited to a retest of the recent low near 1.2500 (strong intervening support at 1.2550)."

"Oversold short-term conditions could lead to a rebound but as long as 1.2730 is not taken out, the outlook for this pair is negative for the next 1 week or so."

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